Not every type of healthcare is free on the NHS. From eyesight tests to dental treatment and physiotherapy, there are lots of ways you can end up spending large sums of money on yourself. A Health Cash Plan is a type of insurance policy that lets you claim back the cost of some routine treatments – the kinds of things you can predict as being necessary, like routine dental care and opticians’ costs. It’s ideal for people who live on a firm budget who may be worried about having to pay extra bills suddenly.
How does a Health Cash Plan work?
Like any insurance policy, you’ll make monthly payments to an insurer – but these could be from as little as £5 a month. Then (at a most basic level), if you receive treatment, you send a receipt to the insurer and it reimburses you for the cost, depending on the terms of your policy. How much you can claim usually depends on what you pay for your monthly premium.
So is this a bit like Private Health Insurance?
No, you shouldn’t confuse a Health Cash Plan with Private Health Insurance. You can’t claim for hospital stays or any treatment that is usually free to you on the NHS. If you decided to have any treatment privately, you might not be able to reclaim any of the costs. Also, private health insurance can be relatively expensive: a health cash plan is likely to be much, much lower in cost. And unlike private health policies, a Health Cash Plan doesn’t require a medical before you take it out.
Can I cover my family under a Health Cash Plan?
You can cover your partner and children under one cash plan, but it will be more expensive. The other thing to bear in mind is that most children’s treatments are free on the NHS, so there won’t be as much to claim.
While you’re weighing up whether a Health Cash Plan is for you, just be aware that it’s only worth taking one out if you’re definitely going to claim each time you have treatment. Remember to keep your receipts to send to the insurer.
How do I take a policy out?
Firstly, check to see if you receive any company health care benefits before you part with your cash. Many companies offer health-related incentives to staff, so if in doubt, speak to your employer.